101,000 levels of support and resistance is one of the most effective tools for analysing the technical market. I recommend using them in my trading always, regardless of the trading strategy used. And the construction of levels is even better to entrust the right indicator. This is especially important for novice traders who do not yet have sufficient experience with charts. I have already offered some indicators on my blog to build important levels. Today I want to talk about another tool of this type. That’. First, let’s get to know its settings.
Indicator Zone Options
Parameters in the settings of this indicator a lot. But only a few of them are important.
First of all, it is necessary to specify the rate within which time frame they will be traded. This is done using the TF option. Then we prescribe the number of candles that the zone indicator should use in its calculations to determine important levels. There are max variable bars for this. The algorithm of this indicator uses moving average readings (fast and slow). Therefore, you must specify their periods and type them in the settings. Well, maybe that’s it. The remaining parameters are related to the visual design of the indicator line. With their help, you can pick up the color and thickness. Or you can leave it on that. As for the installation of the indicator in MT4, there are no features. We act according to the standard instructions.
How to trade in indicator zone
First let’s see what it looks like in the currency pair chart:
Principle of working with these levels as always. This means that we are considering opening orders in their division or interruption. In my screenshot you can see points that are beneficial for opening trading positions. These levels can also be used to install SL and TP. However, I do not recommend trading exclusively on this indicator. Additional technical analysis tools should be used to achieve good trading results. This can be a different indicator or, for example, a candle test. In my example, you can see that the price has repelled from the resistance level, and at the same time a model of the “absorption” candle was created. In such a situation, the has a chance of success. To get the skills to work with this indicator and receive additional analytics tools, you need to use a demo account. Download link: Indicator zone Inga Fedorova1 08.11.2020 Record Indicator zone – Level of support and resistance first appeared forex Traders Magazine forex-for-you.ru.